A: You can borrow through FairLending.in if you:
A: Simply click on the Sign Up and register through the simple step by step process as instructed. Once you have filled the basic information required and uploaded the documents required after that FairLending.in risk assessment team will identity-verify, credit-check and risk-assess your profile. If qualified, your registration as a Borrower will be approved and you can apply for loan on the FairLending.in platform.
A: FairLending.in does not charge any registration fees. A loan processing fee is charged at the time of disbursal of your loan. The fee is a percentage of the amount disbursed and may vary based on your credit rating:
Note: GST of 18% on the processing fee will be additionally levied.
A: Currently, loan tenures are from minimum 6 months to maximum 36 months depending upon loan amount and other credit factors.
A: Interest calculations are on reducing balance basis. Interest is applicable only on the outstanding amount.
A: We would levy penal interest rate and delayed payment charges. Any delay or default of EMI would also impact your capacity to borrow in future.
A: No, not at this moment. Currently, a member can be either a borrower or an investor at a point of time.
A: There are several reasons for declining the loan application which includes, misrepresentation, high existing debt, history of loan defaults, etc.
A: No. At FairLending.in we do a soft check and this does not impact your credit score. FairLending.in uses the Experian report to analyze the credit history.
A: Depending upon the personal and financial information provided by borrowers, our automated credit appraisal system defines the interest rate that ranges from 12% to 28%.